by The global India Coronary Stents Market is estimated to be valued at US$ 1,303.5 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Coronary stents are tiny mesh tubes used to treat narrowed or blocked coronary arteries. They help improve blood flow to the heart. DES stents or drug eluting stents are coated with a medicine that prevents the artery from becoming blocked again after the stent insertion. This helps reduce the risk of restenosis.
Market key trends:
One of the major trends in the India coronary stents market is the increasing preference for bioresorbable stents over conventional metallic stents. Bioresorbable stents provide temporary support to the artery and gets dissolved/absorbed gradually by the body without leaving behind any permanent scaffold. This eliminates the need for prolonged dual antiplatelet therapy. They are associated with lower risk of late/very late stent thrombosis. Their adoption is expected to grow significantly over the forecast period with ongoing research and introduction of innovative bioresorbable stent technologies.
SWOT Analysis
Strength: India has a large population that is increasingly prone to cardiovascular diseases and cardiac disorders. This leads to high demand for coronary stents in the country. The government is also taking initiatives to improve healthcare infrastructure which will boost the market for coronary stents.
Weakness: Lack of adequate medical reimbursement and high costs of coronary stents remain major challenges for this market in India. Due to lower purchasing power of customers, stent prices need to be reduced for achieving wider acceptance.
Opportunity: Rising incidents of lifestyle diseases, growing geriatric population, increasing healthcare spending are expected to drive the demand for coronary stents in India. Rapid rise in cardiac disorder cases especially in tier 2 and tier 3 cities also opens new opportunities.
Threats: Stiff competition among existing players may lead to pricing wars which affect the profit margins of companies. Stringent regulatory norms and entry of newer alternative treatment methods can also threaten the growth of coronary stents market.
Key Takeaways
The Global India Coronary Stents Market Size is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing prevalence of cardiovascular diseases.
Regional analysis: The India coronary stents market dominates the South Asian region and is projected to grow at a high rate during the forecast period. Rising healthcare infrastructure and focus on tackling cardiac issues have made India a lucrative market. Northern and Western regions of India account for the highest demand currently due to high population and elevated disease load.
Key players operating in the India Coronary Stents market are Abbott Laboratories, Medtronic, Inc, Biosensors Inc, Terumo Corporation, Boston Scientific Inc., Dickinson and Company, Cook medicals, B Braun Melsungen AG, SLTL Medical, Endocare, Cardiac Care Products, Invent Bio-med Private Limited, Nano therapeutics pvt ltd, MIV therapeutics. These companies havestrong distribution network across the country and also invest in R&D to develop advanced stent designs. continuous production expansion activities are undertaken by prominent suppliers to meet the clinically increasing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
